Whiting Petroleum Corporation Announces Extension of the Exchange Offer for its 6.625% Senior Notes Due 2026

DENVER

Whiting Petroleum Corporation (NYSE: WLL) today announced that it has
extended its offer to exchange (the “Exchange Offer”) all of its
outstanding, unregistered 6.625% Senior Notes due 2026 (the “Original
Notes”) issued December 27, 2017, for new, registered 6.625% Senior
Notes due 2026 (“New Notes”).

The Exchange Offer, which was initially scheduled to expire on July 5,
2018 at 5:00 p.m., New York City time, has now been extended until July
16, 2018 at 5:00 p.m., New York City time, unless further extended by
Whiting. As of the issuance of this press release, Whiting had been
notified that holders of approximately 90.65% of the outstanding
principal of the Original Notes had tendered their Original Notes in the
Exchange Offer. Additionally, registered holders of the Original Notes
on the July 1, 2018 record date for the July 15, 2018 interest payment
date for the Original Notes will be entitled to accrued interest from
the December 27, 2017 issuance date through such payment date (payment
will occur on July 16, 2018 because July 15, 2018 is not a business
day). Accordingly, the New Notes will accrue interest from the July 15,
2018 payment date for the Original Notes, not December 27, 2017. Except
for the foregoing, all of the other terms of the Exchange Offer remain
as set forth in the exchange offer prospectus, dated June 6, 2018, filed
with the U.S. Securities and Exchange Commission, and the related
transmittal materials for making tenders.

Documents describing the terms of the Exchange Offer, including the
prospectus and the transmittal materials for making tenders, may be
obtained from the exchange agent, The Bank of New York Mellon Trust
Company, N.A., by overnight delivery, hand or mail at The Bank of New
York Mellon Trust Company, N.A., 111 Sanders Creek Parkway, East
Syracuse, NY 13057, Corporate Trust Operations—Reorganization Unit,
Attention: Pamela Adamo or by facsimile (for eligible institutions only)
at (732) 667-9408, Attention: Corporate Trust Operations—Reorganizations
Unit with confirmation by telephone at (315) 414- 3349.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities. The Exchange Offer is being
made only pursuant to a prospectus and the related letter of transmittal
and only to such persons and in such jurisdictions as is permitted under
applicable law.

About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation, is an independent
oil and gas company that develops, produces, acquires and explores for
crude oil, natural gas and natural gas liquids primarily in the Rocky
Mountains region of the United States. The Company’s largest projects
are in the Bakken and Three Forks plays in North Dakota and Montana and
the Niobrara play in northeast Colorado. The Company trades publicly
under the symbol WLL on the New York Stock Exchange. For further
information, please visit http://www.whiting.com.

Forward-Looking Statements

This news release contains statements that we believe to be
“forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. All statements other than historical facts, including, without
limitation, statements regarding our future financial position, business
strategy, projected revenues, earnings, costs, capital expenditures and
debt levels, and plans and objectives of management for future
operations, are forward-looking statements. When used in this news
release, words such as we “expect,” “intend,” “plan,” “estimate,”
“anticipate,” “believe” or “should” or the negative thereof or
variations thereon or similar terminology are generally intended to
identify forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results to
differ materially from those expressed in, or implied by, such
statements.

These risks and uncertainties include, but are not limited to: declines
in or extended periods of low oil, NGL or natural gas prices; our level
of success in exploration, development and production activities; risks
related to our level of indebtedness, ability to comply with debt
covenants and periodic redeterminations of the borrowing base under our
credit agreement; impacts to financial statements as a result of
impairment write-downs; our ability to successfully complete asset
dispositions and the risks related thereto, including the potential
disposition of our Redtail Field assets; revisions to reserve estimates
as a result of changes in commodity prices, regulation and other
factors; adverse weather conditions that may negatively impact
development or production activities; the timing of our exploration and
development expenditures; inaccuracies of our reserve estimates or our
assumptions underlying them; risks relating to any unforeseen
liabilities of ours; our ability to generate sufficient cash flows from
operations to meet the internally funded portion of our capital
expenditures budget; our ability to obtain external capital to finance
exploration and development operations; federal and state initiatives
relating to the regulation of hydraulic fracturing and air emissions;
unforeseen underperformance of or liabilities associated with acquired
properties; the impacts of hedging on our results of operations; failure
of our properties to yield oil or gas in commercially viable quantities;
availability of, and risks associated with, transport of oil and gas;
our ability to drill producing wells on undeveloped acreage prior to its
lease expiration; shortages of or delays in obtaining qualified
personnel or equipment, including drilling rigs and completion services;
uninsured or underinsured losses resulting from our oil and gas
operations; our inability to access oil and gas markets due to market
conditions or operational impediments; the impact and costs of
compliance with laws and regulations governing our oil and gas
operations; the potential impact of changes in laws, including tax
reform, that could have a negative effect on the oil and gas industry;
our ability to replace our oil and natural gas reserves; any loss of our
senior management or technical personnel; competition in the oil and gas
industry; cyber security attacks or failures of our telecommunication
systems; and other risks described under the caption “Risk Factors” in
our Annual Report on Form 10-K for the period ended December 31, 2017.
We assume no obligation, and disclaim any duty, to update the
forward-looking statements in this news release.

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